China Minzhong Food (K2N.SG) flat at $1.19, continues to consolidate after coming off high of $1.23 set last month triggered by bullish analyst reports, according to Dow Jones.

Since listing in April, demand for vegetable processor has been subdued, with share price mostly holding below $1.20 IPO price. Still, analysts remain bullish on Minzhong’s prospects, with Kim Eng Securities’ Pauline Lee latest to highlight company’s merits.

“Its one-stop integrated processing platform appeals to a growing pool of repeat customers, thus helping to enhance its earnings visibility and cost efficiencies,” says Lee, who has no rating.

Lee notes company has acquired 2 sites with support of Chinese government to start commercial production of organic produce in next 3 years: “Organic products, with an average selling price 2-3 times that of normal vegetables, offer promising growth potential.”

Orderbook quotes tip $1.17–1.20 trading band for time being.